1. INTRODUCTION

The Board of Directors of TASCO Berhad (“TASCO” or the “Company”) wishes to announce that the Company had on 27 June 2020 resolved to wind up the non-operating wholly owned subsidiary, Trans-Asia Shipping Pte Ltd (Company Registration No. 200101000W) (“Non-operating Subsidiary”) by way of member’s voluntary winding-up pursuant to Section 290(1)(b) of the Companies Act, Cap 50 in Singapore (“Winding-up”).

Mr. Koh Swee Tian has been appointed as the Liquidator for the Winding-Up.

2. INFORMATION ON THE NON-OPERATING SUBSIDIARY

The date of incorporation, issued and paid-up capital and principal activity of the Non-operating Subsidiary are set out as follows:-

3. RATIONALE FOR THE WINDING-UP

To save costs associated with maintaining the above Non-operating Subsidiary.

4. EFFECTS OF THE WINDING-UP

The Winding-Up will not have any material effect on the net earnings and net assets of the Group for the financial year ending 31 March 2021.

5. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors, major shareholders and persons connected with the Directors and major shareholders of the company have any direct and indirect interest in the Winding-Up.

This announcement is dated 29 June 2020.